CIBC Bancorp USA Inc. Buys New Shares in Iron Mountain Incorporated $IRM

CIBC Bancorp USA Inc. purchased a new stake in Iron Mountain Incorporated (NYSE:IRM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 118,362 shares of the financial services provider’s stock, valued at approximately $12,066,000.

A number of other large investors also recently modified their holdings of the business. Quent Capital LLC bought a new position in shares of Iron Mountain in the 3rd quarter valued at about $27,000. Johnson Financial Group Inc. bought a new stake in Iron Mountain during the third quarter worth about $32,000. Wealth Watch Advisors INC bought a new stake in Iron Mountain during the third quarter worth about $44,000. Washington Trust Advisors Inc. acquired a new position in Iron Mountain during the third quarter valued at approximately $54,000. Finally, JPL Wealth Management LLC acquired a new position in Iron Mountain during the third quarter valued at approximately $56,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO William L. Meaney sold 137,133 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $109.39, for a total transaction of $15,000,978.87. Following the transaction, the chief executive officer owned 295,975 shares in the company, valued at approximately $32,376,705.25. This trade represents a 31.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $107.27, for a total value of $643,620.00. Following the completion of the sale, the executive vice president owned 131,507 shares of the company’s stock, valued at $14,106,755.89. This trade represents a 4.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 391,931 shares of company stock valued at $41,180,243. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays boosted their price target on Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Iron Mountain in a research note on Thursday, January 22nd. Finally, Loop Capital set a $130.00 price target on shares of Iron Mountain in a research report on Wednesday, March 4th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.60.

Iron Mountain Stock Performance

Shares of IRM opened at $105.12 on Friday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $115.24. The firm has a market cap of $31.10 billion, a P/E ratio of 218.99 and a beta of 1.13. The firm’s 50-day simple moving average is $100.92 and its 200 day simple moving average is $96.26.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Monday, March 16th will be given a $0.864 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $3.46 annualized dividend and a dividend yield of 3.3%. Iron Mountain’s dividend payout ratio is presently 720.83%.

Iron Mountain Company Profile

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.